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TODAYS MCX MARKET UPDATES

Market Outlook
Gold price crawls downwards gradually to approach the key support 30400, and as long as the price is above this level, our bullish overview will remain valid, waiting to breach 30650 to confirm our bullish overview. Crude oil price declined to break 3990 level and settles at the key support 3920, which puts the price under negative pressure that we expect to push trading towards 3865 areas on the near term basis, Copper price hinted its weakness by fluctuating around the 445 level, if the price behavior to determine the next main targets for the upcoming period is 441. The stability of the main support line supports the continuation of the positivity for the upcoming period.

Fundamental News
Gold prices extended losses into a third session on Friday as the dollar strengthened against the yen on hopes of easing tensions between the United States and North Korea and ahead of U.S. non-farm payroll data later in the day.

Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong UN will meet with U.S. President Donald Trump. That’s more than top exporter Saudi Arabia produces. Only Russia pumps more, at almost 11 million bpd.

Gold prices falls today and sustaining below level of 30500 now if it continues bearish trend then it can test support level of 30341 and if price sustains further then it can test next support level of 30250. On other side 30525 can be major resistance level.

Silver showed bearish movement and sustaining below major psychological level of 39000 and if it continues to sustain at lower levels then it can test next support level of 38600 and further it can test next support level of 38355. On other side 39000 can be major resistance level.

Crude oil price continues downward trend today and sustaining below psychological level of 4000 if it continues further bearish run it can test support levels of 3892 and 3818. On other side 4000 can be major resistance level.

Copper continues its bearish movement and sustain at lower levels if it continues bearish run it can test support levels of 440.85 and 437.20. On other side 449.20 can be major resistance level.

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